Fred Smith was an undergraduate at Yale University in 1965. As part of the coursework, he wrote an economics paper1the process of transportation of goods in the United States. He 2 that the shippers relied on transporting goods in 3packages across the United States by means of truck or passenger airplanes. Smith thought of a more efficient 4 idea. He wrote a last minute5 on how a company carrying small, important items6could be a much better business. He, however, did not go into details about how to actually_7such a company. As a consequence, his paper was8. But Smith did not give up on the idea and9the company in 1971.
Within three years of the founding of the company, Federal Express (FedEx) was on the edge of10. It was losing over $1 million a month, 11 the rising fuel costs. At its worst time, the company had just $5000to its name. Smith made a final try to General Dynamics for more funding but the request wasn't 12.
Most ordinary people would have quit at this point and 13 the company. Not Fred Smith. The founder of the company had to do a14move at last that he flew to Lasvegas, _15to obtain some company funds to help him pull through. 16 on Monday, the company had a great relief because FedEx had $32, 000 in its bank 17, which was just enough to18the fuel for their planes and to continue operating a few days more.
Soon after, the company was able to raise 19 amounts in funding. Today FedEx is a global 20industry with operations in more than 220 countries and territories and an annual income of US $45 billion.
